"What advice do you have for the folks planning to retire?"

As most of the readers of our site understand, I have been in the financial services business for 42 years. It means I’ve seen some really good advice over the years and a lot of really bad advice, driven equally by greed and ignorance. I have met planners who are sure they predicted the ’87 crash, 2001 bust, and of course they moved all of their clients to cash at the end of ’07. None of these claims are actually true. I know many CFP’s who are wonderful people, but in 2008 questioned their training and if they were in the right profession.

It’s human nature: when it becomes the darkest, folks tend to run for the hills.

A recent Dalbar study that I read said over the last 15 years, the average investor's actual return was 2.1% per year. Why, you ask, when you have been told the market will return 10-12% per year? People tend to buy high and sell low. Explaining this phenomena would take the rest of the week. As we continue this journey, I will fill you in on why this happens.

I have coined this phrase, “When the mailman tells you to buy gold, sell gold.” If you understand, you are light years ahead of your fellow investor.

Here it comes, the topic I started the latest blog with. What is my answer when our clients ask, “What advice do you have for the folks planning to retire?”

Hold on, here it comes ... “DON'T.”

Mike, are you nuts, what do you mean, “DON'T?”

I mean in its simplest sense, take the pressure off you and your loved one now, and do not look at retirement as a date certain, or a traumatic event you must prepare for in its entirety. It is another phase of this wonderful gift we call human life.

Spend your 60’s and 70’s planning more time to enjoy your favorite pursuits, with your families, as a mentor. Share your knowledge, and continue to work.

Actually, most of us in this phase will and need to earn at least some income. Have you ever noticed how many of those who love their career, their profession, really completely retire? They DON'T. And for that matter, neither should you. I can promise you my senior clients in their 80’s, 90’s, and older echo this exact advice. Take the pressure off, ease into that thing called retirement, take 20-30 years to get there ... what's the hurry? It’s your life. 

For more videos and insider secrets, go to our site at www.enspheremg.com or contact Chris directly.

Mike Giffin, Ensphere Marketing Group

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